Homeowners Begin Filing Insurance Claims

By Kirsten McIntyre, NEWS 9

OKLAHOMA CITY -- The fires are just the latest disaster to hit Oklahoma and will cost insurance companies millions of dollars.

As fire victims try to salvage what they can, they are also beginning the exhausting process of trying to put a dollar amount on exactly how much they lost.

Homeowners are trying to remember everything they own so they can claim it to insurance companies.

"The flames were as high as the house at that point," said Ron Walker. "I thought my house was on fire then."

Walker feels blessed. His home received some fire damage, but nothing compared to some of his neighbors who lost everything.

"The emotions that day were just incredible so I can't imagine having that total loss like so many people experienced out here," Walker said.

Insurance adjustors are working at Walker's house trying to determine how much the repairs will cost. One of the adjustors is from Colorado, who was brought in just to help with fire victims.

In a year when Oklahoma has already seen so many disasters, including the ice storm, tornadoes and now the devastating fires, insurance adjustors are working overtime.

"One thing I'm noticing is not only do we have a lot of losses, but we have a lot of total losses," said insurance adjuster, Alice Young.

Insurance Commissioner Kim Holland said the market is also a factor in insurance rates.

"I think there's a possibility rates will go up but again, competition has a lot to do with that and we're just not seeing any dramatic rate increase," said Oklahoma Insurance Commissioner Kim Holland. "If losses get really high, insurance companies can use high performing investments to offset the need for rate adjustments. We're just not going to see those."

For now, homeowners like Walker are thankful to have insurance.

"It's all just stuff. It could have been replaced again," Walker said. "I'm really fortunate."

Holland said if insurance premiums go up, it wouldn't happen until next year.

It will take a while to know exactly how much money the fires will cost insurance companies.

Oklahoma's largest insurer, State Farm, said it expects to see more than $10 million worth of damage claims.